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How To Be A Financial Punk

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All through their lives, boys are on a lookout for chances which can help them in proving their mettle to the world. All men (however young they might be) want recognition, they want their respect… are you feeling me? Remember the famous dialogue from the movie Troy – “I want what all men want, I just want it more”, that’s exactly how things fly around in here, isn’t it? You want to be called a Punk, right?

In grade school, being the punk meant landing up in the school’s basketball team or kissing the most beautiful girl in the class. In high school, it meant cruising around on a Harley and captaining the football team to state. In College, it was a different story altogether, it was more about how much cooler you were than the boy next door.

After your graduation a new phase of life began, where women no longer care how pumped up your biceps are nor the legends of you almost winning the state championship catch anyone’s fancy. They want a man who masters their finances and has a plan for every situation. All in all, they want a financial punk.

Cash Never Loses Its Appeal

No matter how easy it is to use plastic money, there should always be some cash in your pocket (and of course in the bank too). What if the ATM runs out of cash or the card swiping machine at the counter faces a technical glitch? Having some cash on hand is a must for gentlemen and it woos the women around.

You also have to ensure that you have a decent provision of cash kept aside in your savings account for contingencies. This shows that you are far-sighted and have a knack to foresee problems before they are able to catch you off guard. These survival skills won’t make you prey of the relentless and countless financial problems which you will encounter until the time you sleep for good.

Trash the Debt, It Annoys the F**k Out Of Everyone

There isn’t a bigger turn off than having extra baggage. Even worse than having flabby chest is having a pile of debt. Being debt-free is enticing, it shows that you are able to stand on your own, it is kind of liberating and it opens multiple new avenues for you. If you have debt but you are keen on combating it with the help of a diligently developed plan, you could still be a financial punk someday.

Forget Pumping Iron…Max Out the Roth IRA

For the investor in his 20s, maxing out Roth IRA is way cooler than sporting an 18-inch bicep. For instance, by the age of 25, you are able to max out the Roth IRA limit. If you are able to live up to this milestone of yours for 8 years in succession, you may well have around $650000 tax-free cash stacked away for retirement.

Master 401k

Quite often, we see people putting their funds in 401k without ever giving it a second thought, but you can’t just always get away being a sheep in a mindless herd. A friend of mine put most of his money in Total Return Fund, apparently, it was a bond fund. Although it got him through some real mess last year, however, it’s not the best choice to make in the long run.

Budgets Are the New Sexy

A financial punk knows his sh*t. He keeps track of where exactly his money is going and what all channels of income has he piped in. This way he can capitalize on his strengths and work on his shortcomings, thus carving out an effective strategy to counter your opponent (which could be anything, losing a job, medical bills). This is how a punk outsmarts his opponent.

Don’t Act As If You Are Immortal

When you are single, you can get away without buying a life cover, but when it comes to the family, it should be or has to be your top priority. No one has promised you a tomorrow, it may sound creepy but it’s the bitter truth. The last thing you want to do is kick the bucket early and leave your family in distress.

If financial burden continues to loom over your family’s head (after you die), they would continue to mourn till their last breath.

So are you a financial punk, are you living by these commandments, if not, it’s high time to be taking these resolutions.

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